Jacob Schwimmer signs $165M refi for new 448-unit rental in Mott Haven

Jacob Schwimmer through the entity 138 Bruckner Realty LLC as borrower signed a refi loan with lender MF1 Capital through the entity MF1 Capital LLC valued at $165 million for the 448-unit newly built rental building at 138 Bruckner Boulevard in Mott Haven, Bronx.

On the lot, there was one new building construction project, X00643715, for a 448-unit, 318,084 square-foot residential (R-2) building. The project was submitted by Jacob Schwimmer with plans filed December 22, 2021 and permitted December 28, 2023.
The deal closed on August 30, 2024 and was recorded on September 6, 2024. The prior lender was S3 Capital which held debt that had an original loan amount of $105 million.

The owner bought the property on May 3, 2022, for $35 million. The signatory for Jacob Schwimmer was Jacob Schwimmer. MF1 Capital is an affiliate of Berkshire, a Boston-based financial institution, and Limekiln Real Estate.

The property

The zoning is M1-5/R8A which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.8 million. The most recent loan totaled $105 million and was provided by S3 Capital on January 13, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received two DOB violations, $31,340 in ECB penalties, and $33,185 in OATH penalties in the last year.

The neighborhood

In Mott Haven, The bulk, or 45 percent of the 41.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has near average sales volume among other neighborhoods with $296.6 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 1.6 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Bronx. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 19 commercial properties representing 41,713 square feet of the 140,573 square feet. The largest owner is Invesco Real Estate, followed by Altmark Group and then Ryan Zar.
On the tax block, there were two new building construction projects totaling 495,237 square feet. The largest is a 447-unit, 318,084 square-foot residential (R-2) building submitted by Jacob Schwimmer and filed by Jacob Scwhimmer with plans filed December 22, 2021 and permitted December 28, 2023. The second largest is a 224-unit, 177,153 square-foot residential (R-2) building submitted by Isaac Feuerwerger and filed by Isaac Feuerwerger with plans filed September 26, 2019 and it has not been permitted yet.

The majority, or 85 percent of the 140,573 square feet of built space are industrial buildings, with walkup buildings next occupying 15 percent of the space.

The borrower

The PincusCo database currently indicates that Jacob Schwimmer owned at least 18 commercial properties with 898 residential units in New York City with 861,069 square feet and a city-determined market value of $140.2 million. (Market value is typically about 50% of actual value.) The portfolio has $527.5 million in debt, with top three lenders as Valley National Bank, MF1 Capital, and Spruce Capital respectively. Within the portfolio, the bulk, or 45 percent of the 861,069 square feet of built space are office properties, with elevator properties next occupying 42 percent of the space. The bulk, or 66 percent of the built space, is in Brooklyn, with Bronx next at 34 percent of the space.

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